Section 2 – Definitions

In this Act, unless the context otherwise requires, -

1. "accounting year" means -
   1. in relation to a corporation, the year ending on the day on which the books and accounts of the corporation are to be closed and balanced;
   2. in relation to a company, the period in respect of which any profit and loss account of the company laid before it in annual general meeting is made up, whether that period is a year or not;
   3. in any other case -
      1. the year commencing on the 1st day of April; or
      2. if the accounts of an establishment maintained by the employer thereof are closed and balanced on any day other than the 31st day of March, then, at the option of the employer, the year ending on the day on which its accounts are so closed and balanced:

         Provided that an option once exercised by the employer under paragraph (b) of this sub-clause shall not again be exercised except with the previous permission in writing of the prescribed authority and upon such conditions as that authority may think fit;

2. "agricultural income" shall have the same meaning as in the Income-tax Act;
3. "agricultural income-tax law" mea… Read the complete text with KanoonGPT Pro.